We are neutral. | 09 November 2022

Technical observation

On the 4 hour chart above price rose above the zone 1.0034-1.0050 with a big green candle and since then it has been trading with an increasing bearish bias, this downwards movement is a pullback to the zone indicated above and I expect a possible rejection of price within it, however, I recommend that you remain neutral and pick bullish positions only after a second retracement and a rejection of price within the zone I mentioned earlier. If there is clear break above the level 1.0366, I expect the value of EUR to ascend further on the other hand in case price is not sustained above the zone 1.0034-1.0050; I expect it to plummet towards the level 0.9737.

Trade recommendation

Remain neutral.